OVER (OVR): Future of Reality With AR Metaverse

In 2016, Niantic Labs released a game called Pokémon GO, which quickly became one of the most popular mobile games of all time. In addition to featuring a beloved anime character, it also popularized the use of augmented reality (AR), a sector that has enjoyed exponential growth. Every mobile device built in the last few years fully supports AR, and the industry is expected to gross over $100 billion in 2024. The next step in that evolution is the OVER Metaverse, which combines both virtual reality (VR) and AR. 

Key Takeaways:

• OVER Metaverse offers augmented reality experiences through its decentralized platform based on three interconnected layers.

• OVR is an ERC-20 token that has diverse uses within the OVER ecosystem, including the purchase and sale of OVRLand NFTs and OVRExperiences, and as a reward token for staking OVER nodes.

What Is OVER Metaverse?

Founded by Davide Cuttini and Diego Di Tommaso in January 2019, the OVER Metaverse is a decentralized platform that provides interactive augmented reality experience to users in the real world. It was originally built on the Ethereum blockchain, but has since been bridged to Polygon for higher transaction speed at a lower cost. In addition, it now incorporates the InterPlanetary File System (IPFS) for digital asset storage.

One of the more remarkable features of the OVER Metaverse is how many different types of technology come together to provide users with these interactive AR experiences. The system utilizes geopositioning with GPS and SLAM data to determine the user's exact location in order to offer experiences in different places, much like the real world. 

The backbone of the platform is the OVR SDK, or software development kit, which runs on the powerful Unity 3D cross-platform game engine. OVR SDK allows a system's builders to render NFT avatars, enables users to interact with gateways, manages the AR network as a shared experience between users — and much more, which we'll discuss below.

How Does OVER Metaverse Work?

OVER Metaverse is based on three main layers: The OVRLand Management Layer, the OVRLand Mapping Layer and the OVR SDK. Each layer is designed to complement the other two, and the system can only operate efficiently if all three layers are continuously in sync.

The OVRLand Management Layer contains all 1.66 trillion of the OVRLands in the virtual land. An OVRLand is a 300-square-meter hexagon that corresponds precisely with a location in the physical world. In other words, every square inch on Earth has a matching space within the OVER Metaverse digital layer. These OVRLands can be bought, sold or rented by OVER Users to serve as their digital homes.

The OVRLand Mapping Layer is an essential part of the ecosystem, as it’s the method used to map spaces in real life for their inclusion in the virtual land. A user who maps such a space will receive a corresponding NFT as part of the community's Map2Earn program. These NFTs can be bought, used or sold in the OVR Marketplace. One of the most expensive to date was an NFT of the Eiffel Tower, which was put up for auction and sold for 38.6 ETH (approximately $69,000 as of Mar 31, 2023).

The OVR SDK makes up the third layer and allows users to connect virtual experiences, assets, avatars and more to their OVRLand properties. It can be accessed in one of two ways: Using a web-based interface that doesn’t require coding or programming knowledge, or with the more expressive Unity 3D plugin. When Over SDK and Unity 3D are used in conjunction, an AR adventure called OVRExperience is created. OVRExperiences can also be traded in the OVR Marketplace.

OVER Nodes

The IPFS powers the OVER Nodes, which facilitate the decentralized storage of OVER digital assets. These nodes are operated by users who’ve staked a minimum of 500,000 OVR tokens. Non-operating users can vote on their preferred OVER Node and stake it using OVR tokens, for which there’s no minimum requirement.

During the first three years of OVER Metaverse, node operators will receive a 6% APR reward based on their stake, plus a bonus based on their ranking according to that criterion. Non-operating stakers will receive a 5.5% APR reward for their service. After the first three years, the OVER Nodes will be ranked based on their performance and how many votes they’ve gotten, for which they’ll receive a share of the hosting fees. Voters also earn some of the hosting fees as an incentive for helping to secure the network.

OVRLand NFT

When you own an OVRLand NFT, it means you’re the owner of a virtual land in the OVER Metaverse. These NFTs can be obtained in several ways, such as through the OVRLand Map2Earn program, or bought and sold in the OVR Marketplace.

You can easily manage your OVRLand NFT by speaking to the OVRAssistant, also known as the Over Assistant. The OVRAssistant is a humanlike AI avatar used in the virtual world as a guide to users to answer queries, or direct them to points of interest or around a shop. The interaction is entirely voice-driven and requires no typing by the user.

What Is the OVR Crypto Token?

OVR is an ERC-20 token that serves as the primary network token of the OVER Metaverse. It has a wide variety of uses within the OVER ecosystem. 

Source: docs.overthereality.ai/

You can use OVR tokens to buy OVRLand NFTs or other digital assets from the OVR Marketplace. They can also be used to purchase an OVRExperience from the Marketplace, or to pay an OVRCreator to create a custom OVRExperience for you to enjoy.

Users can earn OVR tokens by selling NFTs or other digital assets, renting or selling OVRLands, as payment from advertisers, or as a system reward. OVR can also be used to stake nodes, as mentioned previously. 

OVR Tokenomics

The system has a total supply of 110 million OVR tokens, although there is no theoretical hard cap. OVR tokens were minted in two phases, via the initial token distribution event, which allocates OVR to those invested in the OVR platform, and the Initial Bonding Curve Offering (IBCO).

Just over 75% of OVR tokens were pre-minted in the initial token distribution event as follows: 

• 3.86% to equity subscribers

• 2.88% to private sale subscribers

• 24.09% to team fund

• 5.41% to advisors

• 1.36% to bounty program

• 18.18% to community rewards

• 18.18% to foundation

• 0.29% to contingency liquidity bootstrapping

All of the tokens distributed during this event have a smart contract–enforced vesting period, which varies according to the different stakeholders.

The remaining tokens were minted and distributed via the IBCO on Nov 30, 2020. The IBCO was open to all users in crypto-friendly countries who have completed Know Your Customer (KYC). The IBCO's bonding curve follows that of the Bancor continuous liquidity protocol. Through the bonding curve, the OVR token price rises exponentially with the linear increase of its supply, and vice versa. 

Source: docs.overthereality.ai/

OVR Ecosystem Particulars

The ecosystem makes use of three distinct OVR token streams. These permit the OVER platform to be self-sufficient for users to enjoy for many years to come, without having to rely on outside funding or a complex system of burning tokens and replacing them with new ones.

First, a 5% transaction fee is applied to all NFT and OVER Asset exchanges, as well as to all revenue gained by users who’ve leased out their OVRLands to publishers or advertisers.

Second, users can make in-app purchases for event tickets, private room access, virtual clothing for avatars, and credits to enjoy VR and/or AR games.

Finally, all VR and AR assets are stored on the IPFS system. To place private utility assets within an OVRLand, that IPFS space must be paid for with a small monthly fee of $1 worth of OVR tokens. Of the collected fees, half will be used to pay the IPFS storage providers, and the other half will be used to cover the cost of software development, repaying network maintainers and continuing the user base expansion. 

OVR Token Price Prediction

OVR token started trading in the market in late December at around $0.08. The all-time high for the OVR token is $3.33, which it reached on Dec 2, 2021. Its all-time low of $0.02 came on Jan 12, 2021. It currently trades for about $0.30 (Mar 31, 2023).

The experts at DigitalCoin Price believe that the OVR token will reach $1.07 by the end of 2025 and $3.10 by the end of 2030. On the other hand, while PricePrediction.net also expects OVR's price to reach $1.07 by 2025, they are more bullish in the long term, anticipating it to hit $7.01 by 2030.

Is OVR a Good Investment?

OVR is considered to be a solid investment, especially if the above predictions end up coming true. Even if the more conservative prediction is the more accurate, the value of the OVR token would increase tenfold by the end of the decade.

In February 2023, OVER welcomed its one millionth user. The OVER Metaverse is likely to burgeon in popularity as AR becomes increasingly implemented in our everyday lives. This is already being confirmed by OVER's hybrid fashion show held in Milan on Mar 31, 2023 during the OVER Metaverse Fashion Week, featuring brands like PINKO and Tencent.

Additionally, new features are currently scheduled to be released in the coming months, adding even more value for potential investors as the number of users increases. For instance, the OVR team is working on a system that allows users to create their own AI avatars and manage them in their OVRLands. The OVR token will also feature added utility as a governance token when the OVER decentralized autonomous organization (DAO) is launched. In addition, with the upgrade of the Unity SDK feature, you can expect even more fun AR experiences since it allows for the development of geo-localized AR NFT games.

While these developments may be indicative of OVER’s long-term growth potential, they should not be seen as investment advice. Always remember to do your own research before investing in any cryptocurrency, as crypto prices tend to be volatile. 

Closing Thoughts

OVER Metaverse is a promising platform that leverages AR technology to offer seamless virtual experiences in the real world, blurring the lines between physical and digital spaces. Overall, the AR technology used by OVER Metaverse has the potential to revolutionize the way humans experience and interact with technology. As it continues to evolve and mature, it could open up new opportunities for businesses, individuals and communities to connect and collaborate in previously unimaginable ways.

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